Pennyworth, a digital banking service launched for high-earning customers, has launched its beta testing.
In Brief:
The banking app is powered by artificial intelligence and founded by two former Barclays executives.
It aims to make managing money easier for busy professionals, managers and business owners.
The app will use AI to offer a more personalised experience.
What does this mean?
A lot of FinTechs gain popularity and success by appealing to a certain niche and offering a hyper-personalised service. In Pennyworth’s case, it will focus on customers earning more than £40,000 – with an aspiration to gain more wealth – and will therefore offer “lifestyle” banking where customers can set goals for important events. Founder and CEO Jeremy Takle calls it a “giant leap forward for made-to-measure banking”, and it will be interesting to see if this demographic feels sufficiently underserved by the current market to switch to Pennyworth.
